Asia Pulse relates that the shopping centre group has undergone arestructure involving the cancellation $2.7 billion in debtamassed during the global financial crisis as the lendersexchanged the loans for ownership of the underlying assets.

A new group, Centro Retail Australia, now owns the Centro assetsand has begun trading on the Australian securities exchange(ASX), the report says.

According to the report, the former Centro funds, includingCentro Properties Group and Centro Retail Group, are in theprocess of being wound up.

Centro Properties Group said on Friday it had appointedMr. Georgakis as its chief executive to oversee that process, thereport relates.

About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--http://www.centro.com.au/-- is a retail investment organization specializing in the ownership, management and development ofretail shopping centres. Centro manages both listed and unlistedretail property and has an extensive portfolio of shoppingcentres across Australia, New Zealand, and the United States.Centro has funds under management of US$24.9 billion.

PAPERLINX LIMITED: Gets Buyout Proposal from Private Equity Firm----------------------------------------------------------------The Australian reports that Paperlinx Ltd has become a takeovertarget and candidate for a break-up after revealing it hadreceived a proposal from an unnamed private equity bidder and wasconsidering offers for parts of its business from multiplebuyers.

According to The Australian, shareholders were also told toexpect another loss in the second half-year as economicconditions continued to deteriorate, particularly in Europe,where the company is heavily exposed.

The Australian relates that Paperlinx said it had received an"incomplete, indicative, conditional and non-binding proposal"from a private equity firm to acquire all of the issued capitalof Paperlinx and its step-up Preference Shares (SPS).

"The company has also received a number of separate proposals toacquire parts of the business," the report cited Paperlinx in astatement. "The board of Paperlinx has not yet formed a viewwith respect to any of the proposals, and the company willprovide an update in due course."

The Australian discloses that the offer of 9c per ordinary shareand AUD21.85 for preference shares could value the company at upto AUD500 million when incorporating outstanding debt and otherliabilities.

Paperlinx incurred a net loss of AUD108 million last financialyear, its third straight loss, the report notes.

About PaperlinX

Australia-based PaperlinX Limited (ASX:PPX) --http://www.paperlinx.com.au/-- is a fine paper merchant and manufacturer of communication and packaging paper. PaperlinXemploys over 9,600 people in 28 countries.

================H O N G K O N G================

ACT NOW: Members' Final General Meeting Set for Jan. 27-------------------------------------------------------Members of ACT Now Children's Fund Limited will hold their finalgeneral meeting on Jan. 27, 2012, at 10:00 a.m., at the officesof FTI Consulting, Level 22, The Centre, 99 Queen's Road Central,Central, in Hong Kong.

At the meeting, Bruno Arboit, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.

ADVANCED DIGITAL: Creditors' Proofs of Debt Due Jan. 22-------------------------------------------------------Creditors of Advanced Digital Broadcast Hong Kong Limited, whichis in members' voluntary liquidation, are required to file theirproofs of debt by Jan. 22, 2012, to be included in the company'sdividend distribution.

BRILLIANT GROUP: Yeung Wing On Steps Down as Liquidator-------------------------------------------------------Yeung Wing On stepped down as liquidator of Brilliant GroupInvestment Limited on Dec. 16, 2011.

CHARMRICH (H.K.): Creditors' Proofs of Debt Due Jan. 31-------------------------------------------------------Creditors of Charmrich (H.K.) Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby Jan. 31, 2012, to be included in the company's dividenddistribution.

CHARTERFAME (H.K.): Creditors' Proofs of Debt Due Jan. 31---------------------------------------------------------Creditors of Charterfame (H.K.) Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby Jan. 31, 2012, to be included in the company's dividenddistribution.

CLEARSKIER LIMITED: Kong Chi How Johnson Steps Down as Liquidator-----------------------------------------------------------------Kong Chi How Johnson stepped down as liquidator of ClearskierLimited on Dec. 13, 2011.

CONFORD HOLDINGS: Creditors' Proofs of Debt Due Jan. 26-------------------------------------------------------Creditors of Conford Holdings Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby Jan. 26, 2012, to be included in the company's dividenddistribution.

CHIPCHASE LIMITED: Creditors' Proofs of Debt Due Jan. 26--------------------------------------------------------Creditors of Chipchase Limited, which is in members' voluntaryliquidation, are required to file their proofs of debt byJan. 26, 2012, to be included in the company's dividenddistribution.

DOUBLE LUCK: Creditors' Proofs of Debt Due Jan. 26--------------------------------------------------Creditors of Double Luck Estate Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby Jan. 26, 2012, to be included in the company's dividenddistribution.

DYNAMIC MANAGEMENT: Creditors' Proofs of Debt Due Jan. 31---------------------------------------------------------Creditors of Dynamic Management Research Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by Jan. 31, 2012, to be included in the company'sdividend distribution.

The ratings assigned by CARE are based on the capital deployed bythe partners and the financial strength of Adilaxmi Industries ason March 31, 2011. The rating may undergo a change in case ofwithdrawal of capital by the partners in addition to thefinancial performance and other relevant factors.

The ratings assigned are constrained by the small size andpartnership nature of the firm, highly fragmented and competitivenature of the industry, the government regulations with respectto procurement and sale, low profitability margins, highfinancial leverage, working-capital intensive nature of businesswith low entry barriers and seasonal nature of availability ofpaddy. However, the ratings are underpinned by experience of thepartners in the industry, stable revenue growth in the last fouryears with moderate operational performance, increasing demandfor rice and availability of raw material (paddy) in thevicinity. The ability of the firm to improve the margins in themidst of competition and improve the financial risk profile arethe key rating sensitivities.

About Adilaxmi Industries

Adilaxmi Industries, a partnership firm, was started in January2000. The firm is engaged in the milling and processing rice andalso participates in trading of related products such as paddy,sago, starch powder etc. from time to time. The mill is situatedin Vetlapalem village in East Godavari District, Andhra Pradesh.

AIR INDIA: Banks Want Seats on AI Board After Debt Restructuring----------------------------------------------------------------Business Standard reports that Air India's debt restructuring hashit a hurdle as banks said they want seats on the airline's boardafter they agreed to convert 40% of its short-term debt, orINR7,000 crore, into equity.

"The consortium restructuring the debt has raised concerns overnot getting any representation in the board even after convertinga substantial part of the debt into equity," the report quotes asenior civil aviation ministry official, who did not want to beidentified, as saying. "They have raised this issue with theReserve Bank of India (RBI) after the finance ministry deniedthem any board-level representation."

The official told Business Standard that the finance ministrysaid the consortium will not get any representation on the boardeven after converting debt into equity. "The banks feel withoutany representation on the board of the airline they will not beable to ensure protection of their interest," the official, ascited by Business Standard, added.

The report, citing the restructuring plan approved by RBI, saysthe banks will restructure INR18,000 crore of the INR24,000 croreshort-term debt on Air India's books. Of this amount, banks willconvert INR11,000 crore to long-term debt with a repayment of 10to 15 years. They will convert the remainder, around INR7,000crore, into Compulsorily Convertible Preference Shares, thereport notes.

Business Standard discloses that AI has INR43,000 crore of debton its books -- INR20,000 crore aircraft loans, and INR24,000crore working capital loans or short-term debt. The aircraftloans have a long repayment period, and are less of a cause ofworry.

The debt restructuring is part of a bigger revival plan for theairline. The plan is being reviewed by a Group of Ministers(GoM) headed by Finance Minister Pranab Mukherjee, BusinessStandard adds.

About Air India

Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout theworld. Affiliate Air India Express operates as a low-farecarrier, mainly between India and destinations in the MiddleEast, and Air India Cargo provides freight transportation. Thegovernment of India has merged Air India with another state-controlled carrier, Indian Airlines, which has focused ondomestic routes. The combined airline, part of a new holdingcompany called National Aviation Company of India, uses the AirIndia brand. The new Air India and its affiliates have a fleetof more than 110 aircraft altogether.

* * *

The Troubled Company Reporter-Asia Pacific, citing the HindustanTimes, reported on June 19, 2009, that Air India has beenbleeding cash due to excess capacity, lower yield, a drop inpassenger numbers, an increase in fuel prices and the effects ofthe global slowdown. The carrier incurred net losses ofINR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. AirIndia is estimated to have lost INR54 billion in the fiscal yearended March 31, 2010, according to The Wall Street Journal.

The rating assigned by CARE is based on the capital deployed bythe partners and the financial strength of the firm at present.The rating may undergo change in case of withdrawal of thecapital or the unsecured loans brought in by the partners inaddition to the financial performance and other relevant factors.The rating is constrained due to the modest scale of operationsof Arjun Alloys and its weak financial risk profile marked bythin profitability margins. The rating is further constrained dueto its limited geographic presence, volatility associated withthe raw material prices and its presence in the cyclical andfragmented steel industry.

The above constraints far offset the benefits derived from theexperience of the partners in the steel products industry along-with the support from the group companies with the establishedmarketing and distribution network.

Improvement in the overall financial risk profile with increasein the scale of operations through diversification in its productportfolio and expanding its geographical presence are the keyrating sensitivities.

About Arjun Alloys

Arjun Alloys, a partnership firm established by Mr Vivek Agarwaland his wife Mrs. Arpita Agarwal, is engaged in the production ofMild Steel bars and alloy bars from various types of metal scrapapart from trading of various types of iron and steel scrap. Till2009, AAL carried out trading of various ferrous metal productslike TMT bars, ferro alloy ingots, etc. In July 2010, AAL startedmanufacturing of steel rolled products like MS, ferro alloy bars,etc. with establishment of its manufacturing facility atChangodar near Ahmedabad in Gujarat with an installed capacity of15,000 Metric Tonnes Per Annum (MTPA).

The ratings primarily factor in the ongoing delays in debtservicing by Galaxy Glass Products Pvt. Ltd. owing to stressedliquidity due to continuous losses since the last three years.

Incorporated on May 12, 2005, Chennai based Galaxy Glass ProductsPvt. Ltd. (GGPL), is promoted by Muscat based Non ResidentIndians (NRI), Mr. M. Omanakuttan and his wife, Mrs. UshaOmanakuttan. GGPL is engaged in toughened glass manufacturingbusiness with application in architectural and real estatesegment. Although incorporated in 2005, GGPL started commercialproduction in 2008 due to delay in project implementation. GGPLis presently managed by Mr. T. V. Haridas, Chief ExecutiveOfficer (CEO), who has around three decades of experience in theglass industry.

The ratings assigned by CARE are based on the capital deployed bythe partners and the financial strength of the firm at present.The ratings may undergo change in case of withdrawal of thecapital or the unsecured loans brought in by the partners inaddition to the financial performance and other relevant factors.The ratings of Livon Ceramic are constrained mainly on account oflimited track record of operations in the competitive segment ofthe tile industry along-with linkages with the cyclical realestate industry. The ratings are further constrained on accountof the weak financial risk profile characterized by weakliquidity and solvency position and susceptibility of margins tovolatility in raw material and fuel (natural gas) prices.

The above constraints, however, far offset the benefits derivedfrom the partners' experience in the tile industry and itspresence in the ceramic tile hub of Morbi in Gujarat.Improvement in the overall financial risk profile withimproving/maintaining the profitability margins, rationalizationof debt levels and ability to increase its market presence inlight of increasing competition are the key rating sensitivities.

About Livon Ceramic

Established in 2008, ISO 9001:2008 certified Livon Ceramic isengaged in the manufacturing of ceramic glazed tiles. Commercialproduction of LVC started in January 2009 and FY10 (refers to theperiod April 1 to March 31) was the first full year ofoperations. LVC is a partnership firm and present key partnersinclude Mr Pravin G. Agola, Mr. Kirit S. Rangpadiya and Mr RasikR. Detroja. LVC's manufacturing facility is located at Wankanerin Rajkot district of Gujarat which is a ceramic tile hub and ithas an installed capacity of around 45,000 metric tonne per annum(MTPA) of ceramic glazed wall tiles as on March 31, 2011. LVCsells its products under the brand names "Livon" and "Lipton".

MPPL's ability to increase its scale of operations withimprovement in profitability amidst intense competition along-with efficient management of working capital are the key ratingsensitivities.

Bhopal-based M.P. Veneers Private Limited was incorporated in1978 by Mr. Kamal Kishore Kela and Mr. Ashok Kela. The company isengaged in the manufacturing of decorative sliced natural woodveneers, flooring parquet, hard lumbers and teak mouldings at itsmanufacturing facility located at Betul area in Madhya Pradesh.MPPL sells its products in the domestic as well as overseasmarkets which are majorly used in plywood, panel boards, doors,luxury yachts etc. The company exports its products mainly toCanada, Australia, U.S.A. and certain European countries. In thedomestic market, MPPL sells directly to the industrial usersapart from sales through agents.

The rating is constrained by the high execution risk in allongoing projects, high funding risk as the financial tie-up forall the ongoing projects have not been achieved while at the sametime projects have high dependence on customer advances. Therating is also constrained by the concentration of the company toa single location in Mumbai, regulatory risks related to SlumRehabilitation Scheme (SRS) projects and the cyclical nature ofthe industry.

The rating derives strength from the experience of the promotersand successfully delivered residential projects aggregating to6.57 lakh square feet (lsf) in the past.

Ability of the company to execute the ongoing projects on time,achieve envisaged sales and receive financial closure for allongoing projects remains the key rating sensitivities.

About Shah Housecon

Incorporated in the year 2001, Shah Housecon Pvt. Ltd. is part ofthe Shah Group which is promoted by Mr. Mansukh Shah and Mr.Ramji Shah. The group has developed several residential projectsin the Malad suburb of Mumbai with an aggregate salable area of6.57 lsf. Currently, SHPL has undertaken three projects withtotal salable area aggregating to 9.81 lsf (two being residentialprojects under SRS scheme and one being commercial-cum-residential project) in the Malad suburb of Mumbai

The ratings assigned by CARE are based on the capital deployed bythe proprietor and the financial strength of the firm at present.The ratings may undergo change in case of withdrawal of capitalor the unsecured loans brought in by the proprietor in additionto the financial performance and other relevant factors.

The ratings are constrained on account of weak financial profileof Timsy Traders marked by low profitability margins and highlyleveraged capital structure, modest scale of operations and theconstitution of the entity as a proprietorship firm. The ratingsare further constrained on account of its presence in a highlyfragmented timber trading industry. The ratings, however, takecognizance from decade long experience of the promoters in thetimber trading industry.

Increase in the scale of operation with improvement in overallfinancial risk profile is the key rating sensitivity.

About Timsy Traders

Ahmedabad-based Timsy Traders was setup as a proprietorshipconcern in the year 2000 by Mrs. Dipti R Patel for trading ofwooden logs and slabs in the domestic market. TT imports woodfrom Burma and African countries, cuts and saws them in requiredsizes and sells them to the retail players in the domesticmarket. The proprietor Mrs. Dipti Patel is also involved inmanufacturing of hand carved furniture and timber trading throughWood Star India Pvt. Ltd. a company promoted by herself and herhusband Mr Rohit Patel.

The rating assigned by CARE is based on the capital deployed bythe partners and the financial strength of the firm at present.The rating may undergo change in case of withdrawal of thecapital or the unsecured loans brought in by the partners inaddition to the financial performance and other relevant factors.The rating is constrained on account of the modest scale ofoperations with low capacity utilization of Vrundavan Ginning &Oil Mill and its weak financial risk profile marked by thinprofitability, low capital base, high leverage and stressedliquidity. The rating is further constrained due to its presencein a highly fragmented cotton ginning industry with limited valueaddition, inherent risk of volatility associated with cottonprices and susceptibility to regulatory changes governing cottonindustry.

The above constraints far offset the benefits derived from itsproximity to the cotton growing region of Gujarat.

VGOM's ability to increase its scale of operations while managingvolatility associated with cotton prices and moving up the cottonvalue chain coupled with improvement in its overall financialrisk profile would be the key rating sensitivities.

About Vrundavan Ginning

M/s Vrundavan Ginning & Oil Mill was initially constituted as apartnership firm in December, 1997 by Mr. Panchubhai Bhadarka andeight other partners at Bhavnagar in Gujarat. Subsequently,during September 2008, one of the partners exited from the firmand presently there are eight partners. VGOM is engaged into thebusiness of cotton ginning and pressing to produce lint cottonand cotton seeds. Presently, Mr. Madhubhai Badarka and Mr.Panchubhai Bhadarka are the key partners who look after overalloperations of the firm. Lint cotton is mainly used inmanufacturing of cotton yarn in the textile industry and cottonseeds are used for extraction of oil.

VGOM has 24 ginning machines and one automatic press forconversion of cotton lint into bales. VGOM has a capacity toprocess 11,680 Metric Tonnes Per Annum (MTPA) of lint cotton and21,827 MTPA of cotton seed as on March 31, 2011.

The ratings are constrained on account of weak financial profileof Wood Star (India) Pvt. Ltd. marked by low profitability marginand highly leveraged capital structure, modest scale ofoperations and high project risk associated with wooden flooringproject. The ratings are further constrained on account of itspresence in a highly fragmented timber trading industry. Theratings, however, take cognizance from the decade long experienceof the promoters in the timber trading industry.

Ahmedabad-based, Wood Star (India) Private Limited wasincorporated as a private limited company in the year 2001 byMr. Rohit Patel and his wife Mrs. Dipti Patel. WSIPL is engagedin cutting, shaping and trading of different types of wooden logsand slabs, moulded wooden strips, etc in the domestic market. Inaddition to wood trading, WSIPL also manufactures hand craftedwooden furniture and artifacts at its unit located at Limbdi inGujarat and export the same through Wood Star International(WSI); the marketing and distribution arm of the company in USA.

As per Audited results for FY10 (refers to the period April 1 toMarch 31), WSIPL reported a total operating income of Rs.18.46crore (Rs.11.08 crore in FY09) on which it earned a PAT ofRs.0.18 crore (Rs. 0.13 crore in FY09).

=================I N D O N E S I A=================

PT ARPENI: Hearing on Chapter 15 Petition on Jan. 12----------------------------------------------------A hearing will be held Jan. 12, 2012, at 11:00 a.m., in U.S.Bankruptcy Court on the petition for creditor protection underChapter 15 of the U.S. Bankruptcy Code filed for PT ArpeniPratama Ocean Line Tbk.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is Indonesia's leading diversified shipping company, owning andoperating the largest fleet of Indonesian flagged dry bulkvessels. Arpeni operates a fleet of general-purpose specialist,such as their tweendecker MV Alas, which is designed to transportdry cargoes such as plywood and agricultural products. As ofJune 30, 2011, Arpeni operated 77 wholly-owned vessels and twovessels under long term charters.

Arpeni is seeking U.S. court recognition of its proceeding beforethe Commercial Court at the Central Jakarta District Courtas a foreign main proceeding. PT Bank Central Asia Tbk., anunsecured lender, commenced the Jakarta proceeding on Aug. 5,2011, which Arpeni voluntarily joined. On Aug. 24, 2011, theJakarta Court issued a temporary suspension of debt paymentdecision, effectively staying actions on claims against theForeign Debtor for an initial period of 45 days.

Throughout the proceeding, Arpeni remained in possession of andcontinued its business while it restructured its debt.

On Dec. 9, 2009, Arpeni announced an informal payment moratoriumwith certain of its creditors pursuant to which Arpeni ceasedmaking payments of interest or principal.

The trustee under the indenture with respect to the U.S. Notes onSept. 6, 2011, had accelerated the U.S. Notes and demandedperformance by the Debtor of its obligations as guarantor underthe U.S. Notes Indenture.

In the Jakarta proceeding, the Debtor sought and obtainedapproval of a composition plan from the requisite percentage ofits creditors participating in the plan pursuant to Indonesianbankruptcy law. In particular, the Composition Plan was approvedby approximately 95% of the Debtor's secured creditors and 80% ofthe Debtor's unsecured creditors, in each case present and votingat a hearing before the Indonesian Court on Nov. 1, 2011 andholding claims that had been verified for inclusion in theForeign Proceeding. As provided in the Composition Plan asembodied in the Settlement Agreement, on Nov. 18, 2011, Arpenilaunched an exchange offer and tender offer.

The Debtor did not file a list of creditors together with itspetition.

=========K O R E A=========

KUMHO ASIANA: Creditors Press Petrochem Unit to Sell Asiana Stake-----------------------------------------------------------------Yonhap News reports that industry sources said Monday thatcreditors of Kumho Petrochemical Co. are pressing the company tosell its stake in Asiana Airlines Inc., a major affiliate ofKumho Asiana Group, in order to separate the petrochemical firmfrom the group.

Park Chan-koo, chairman of Kumho Petrochemical, has been seekingto separate the company and two other petrochemical units fromKumho Asiana Group, owned by his elder brother Sam-koo, followinga management feud between the two brothers in 2009, the newsagency says.

"We demanded that Kumho Petrochemical dispose of some 14 millionshares in Asiana Airlines to meet conditions of separation fromKumho Asiana Group," Yonhap quotes an official at the KoreaDevelopment Bank, the main creditor of Kumho Petrochemical, assaying.

Yonhap notes that Kumho Petrochemical has a 7.72% stake in AsianaAirlines, the country's second largest air carrier.

Kumho Petrochemical, however, said that the creditors aredemanding too much, arguing that it still has a considerableamount of time until it reports the separation to the Fair TradeCommission by March, according to Yonhap.

The news agency adds that the company also claims that stockprices of Asiana Airlines have been sluggish recently and thesale of the stake will cause Kumho Petrochemical to incur losses.

The elder Park also sold off his stake in Kumho Petrochemical forKRW400 billion (US$348.9 million) in November, says Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific onAug. 6, 2009, The Korea Herald said Kumho Asiana Group has beensuffering from a liquidity crisis, which observers describe as atypical case of acquisition indigestion. In a bid to ease a cashshortage, the conglomerate in July 2009 decided to re-sell thecontrolling stakes and management rights of Daewoo Engineering,after acquiring it in 2006 for KRW6.4 trillion. The creditorsdecided on Dec. 30, 2009, to put two other ailing units -- KumhoIndustrial Co. and Kumho Tire Co. -- under a debt reschedulingprogram. Meanwhile, the group's other two units -- Korea KumhoPetrochemical Co. and Asiana Airlines Inc. -- will have toimprove their financial health through rigorous self-restructuring efforts as earlier agreed with creditors. KumhoAsiana unveiled a restructuring plan on January 5 that involvesraising KRW1.3 trillion (US$1.1 billion) by selling off assets,while cutting costs via a 20% reduction in executive positionsand wages, Yonhap News Agency reported.

About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Koreanconglomerate, with subsidiaries in the automotive, industry,leisure, logistic, chemical and airline fields. The group isheadquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,Jongno-gu, Seoul, South Korea.

====================N E W Z E A L A N D====================

BLUE CHIP: Court Allows Australian Creditor's AUD3 Million Claim----------------------------------------------------------------Anne Gibson at nzherald.co.nz reports that an Australian creditorof the former Blue Chip Financial Solutions has won a courtruling after liquidators denied its AUD3 million claim.

According to the report, Manifest filed a proof of debt forAUD3 million as fees from an underwriting agreement. But PKF'sSteve Lawrence and Anthony McCullagh, Northern Crest'sliquidators, had rejected that claim, nzherald.co.nz relates.

nzherald.co.nz notes that Justice Paul Health in the High Courtat Auckland held that it should be allowed.

Messrs. Lawrence and McCullagh said Manifest had advanced themoney to a subsidiary of Northern Crest, Barkley Walsh, thereport notes.

Manifest, nzherald.co.nz relates, refuted that and asserted thatthe money went to Northern Crest and was made around the time itwas suspended from trading on the Australian Stock Exchange.

nzherald.co.nz states that a case involving Mark Bryer's failedNorthern Crest finance company holds the intrigue of a spy novel,with accusations of impropriety and a covert recording of ameeting following a last ditch effort to avoid multi-milliondollar stock exchange losses.

The report notes that the nub of the issue is whether NorthernCrest, which was listed on both the New Zealand and Australianstock exchanges, owed an Australian fund managerAUD3 million.

But caught up in that argument were accusations levelled againstNorthern Crest liquidator Stephen Lawrence that he sought apayment of $850,000 in return for ceasing to act in theliquidation of the failed company. Mr. Lawrence has stronglydenied any wrongdoing.

Liquidators for Northern Crest, which changed its name from BlueChip Financial Solutions in 2008, rejected a claim of debt fromthe Australian funder Manifest Capital Management.

About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company withoffices throughout New Zealand. It is a subsidiary of Blue ChipFinancial Solutions Limited, now known as Northern CrestInvestments. Northern Crest operates in two divisions: financialservices and leasing services. The financial services divisionis engaged in the provision of financial structuring services andinvestment product to a variety of clients. The leasingactivities division is engaged in rental of residential property.

* * *

As reported by the Troubled Company Reporter-Asia Pacific onApril 15, 2008, Blue Chip New Zealand Ltd. is in voluntaryliquidation, joining 20 other Blue Chip companies that are nowbeing wound up.

Northern Crest Investments, the last surviving business ofMark Bryers' failed Blue Chip group, also went into liquidationin June 2011.

KAIMAI CHEESE: Sells Waikato Property to Avoid Receivership-----------------------------------------------------------Andrea Fox at Fairfax NZ News reports that Kaimai Cheese CompanyLtd is putting its Waikato property on the market in a bid tostave off receivership.

The company reported a loss of NZ$2.9 million on revenues ofNZ$6.4 million in the year to March 31, and told shareholders atits annual meeting last month that inviting its bank to appoint areceiver was an option, according to Fairfax NZ.

Fairfax NZ relates that director Nigel Atherfold headed arestructuring of the business this year, which has resulted inthe company shrinking dramatically and selling Te Mata Cheese inHawke's Bay. Mr. Atherfold said that receivership was regularlydiscussed by the board, and the bank was being kept informed"about all of those discussions," the report says.

With the recent failure of discussions with a prospective buyer,Kaimai's NZ$5.5 million property at Waharoa, which includes areplica butter factory and cafe, would now go on the market,Mr. Atherfold, as cited by Fairfax NZ, said. "On a month-by-month basis we can see what is working and not working - that isbest as I can put it," the report quotes Mr. Atherfold as saying.

Based in Waharoa, New Zealand, Kaimai Cheese Company Limited --http://www.kaimai.co.nz/-- produces and markets specialty cheese products. It offers soft cheeses to the retail and food servicecustomers; and operates two cafes based at Waharoa and HavelockNorth.

=====================P H I L I P P I N E S=====================

LEPANTO CERAMICS: Files for Court-Assisted Corporate Rehab----------------------------------------------------------Doris C. Dumlao at Philippine Daily Inquirer reports that LepantoCeramics Inc. is seeking court-assisted corporate rehabilitationin order to get some relief from its financial distress.

The Inquirer relates that LCI said in a disclosure to thePhilippine Stock Exchange that it had filed the petition forrehabilitation with the Regional Trial Court of Calamba pursuantto the "Financial Rehabilitation and Insolvency Act (FRIA) of2010," which makes court-supervised rehabilitation available fordebtors who are able to get more than 50% but less than 67%creditor approval.

"With the rehabilitation program, LCI aims to achieve thefollowing: (1) arrest the continuing losses for the past severalyears ;(2) ensure the continuing delivery of suppliers; (3) giveLCI the chance to rebuild its business by utilizing its cash flowdirectly for operations; and (4) service the obligations withcreditors," the disclosure, as cited by the Inquirer, said.

The Inquirer, citing LCI's latest annual filing at the Securitiesand Exchange Commission, discloses that the company has sufferedrecurring losses from operations and has a capital deficiencyamounting to PHP3.5 billion as of end-June 2011. It had totalassets of PHP1.17 billion while total current liabilitiesamounted to PHP4.55 billion. Most of its liabilities are owed torelated parties while there are real property taxes owed to theCity of Calamba which the company has offered to settle bysurrendering certain parcels of land, the Inquirer adds.

BEANS GROUP: Court to Hear Wind-Up Petition Jan. 5--------------------------------------------------A petition to wind up the Beans Group Pte Ltd will be heardbefore the High Court of Singapore on Jan. 5, 2012, at 10:00 a.m.

IBM Singapore Pte Ltd filed the petition against the company onDec. 16, 2010.

The Petitioner's solicitor is:

TSMP Law Corporation 6 Battery Road, Level 41 Singapore 049909

DANO INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 7--------------------------------------------------------Creditors of Dano International Pte Ltd, which is in underjudicial management, are required to file their proofs of debt byJan. 7, 2012, to be included in the company's dividenddistribution.

SPORTS NETWORK: Creditors' Proofs of Debt Due Jan. 6----------------------------------------------------Creditors of Sports Network Pte Ltd, which is in liquidation, arerequired to file their proofs of debt by Jan. 6, 2012, to beincluded in the company's dividend distribution.

UNICORN HOLDINGS: Creditors' Proofs of Debt Due Jan. 18-------------------------------------------------------Creditors of Unicorn Holdings Private Limited, which is involuntary liquidation, are required to file their proofs of debtby Jan. 18, 2012, to be included in the company's dividenddistribution.

The company's liquidator is:

Phua Ah Liang 48, Dunbar Walk Frankel Estate Singapore 459348

YONG LOO: Creditors' Proofs of Debt Due Jan. 18-----------------------------------------------Creditors of Yong Loo Lin Holdings Private Limited, which is involuntary liquidation, are required to file their proofs of debtby Jan. 18, 2012, to be included in the company's dividenddistribution.

Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto be reliable, but is not guaranteed.

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